Image: (Reuters)
CEO Andrea Orcel announced share buybacks worth 5.6 billion euros and dividend payments of three billion euros. In the coming years, at least 90 percent of the surplus will flow to the shareholders, the major bank also announced on Monday.
Last year, UniCredit earned 8.6 billion euros adjusted for certain tax effects, an increase of 54 percent. Bank Austria achieved net profit of 1.07 billion euros, an increase of 82.6 percent.
Like other financial institutions, UniCredit benefited from the increased interest rates. While net interest income increased by almost a third, the bank’s total income grew by 17 percent to 23.8 billion euros. The institute also set aside less money for loan provisions. Including tax loss carryforwards, the bank earned a bottom line of 9.5 billion euros, an increase of almost 50 percent.
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